Good idea, bad idea?
Here is the opinion of Tuscarawas Township citizen Susan Faber:
As a professional tax preparer I would like to share a little of information about the State Income Tax issue.
First there are only seven states that do not impose a state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. New Hampshire and Tennessee have little personal income tax but taxes interest and dividend income.
Now look at each state: Alaska raises tax revenue is raised through severance taxes on oil and fishing and corporate income taxes. Florida (large tourism base) has a sales tax and a lot of visitors. Florida also has a corporate tax. Nevada (gambling) has a sales tax and collects a substantial amount of revenue from occupational taxes. New Hampshire has no sales tax and relies on property taxes, transfer taxes, corporate taxes, fees and charges and miscellaneous taxes and revenues sources. New Hampshire (taxes business very heavy) also has a tax on a firm’s payroll, interest payments and dividends paid. South Dakota (very rural) relies on sales tax and miscellaneous tax and they tax food for home consumption. Tennessee relies on sales tax also taxes food for in home consumption and a corporate tax. Texas has a sales tax and severance tax. Washington relies on sales and gross receipts taxes on businesses and property tax. Wyoming relies on severance taxes and taxes food for consumption.
Look at the taxes we now pay: general sales tax, property tax, document and stock transfer tax, public utilities, motor fuels, tobacco products, occupation and business licenses, death and gift taxes, motor vehicle licenses, alcoholic beverages, hunting and fishing licenses, amusements licenses, corporation licensees etc.
If the politicians promise to do away with State Income Tax I hope they do their homework and the voters think long and hard about what they promise because revenue will be generated somewhere. Ohio is NOT a high taxing STATE. Ohio needs to promote businesses –Taxing them to death don’t bring job’s that are desperately needed. Politicians need to look at the economic status of Ohio – unemployment – welfare – people without health insurance –these issues need to be resolved people can’t live on minumum wages. OHIO is a very affordable state to LIVE.